Myanmar Awards Statoil Oil Exploration Rights

Award Marks Norwegian Firm's First Entry into the Country

By

Kjetil Malkenes Hovland

March 26, 2014 11:46 a.m. ET

OSLO—Myanmar has awarded Norwegian oil company Statoil ASA and U.S. partner ConocoPhilips a license to search for offshore oil and gas, a further step by the once-secretive country to open up to international business.

Statoil said its first entry into the country project has a large potential; and with the award it joins a small contingent that...